The decision has been made, the sign is prominently displayed in your front yard, you've posted advertising to all the top search engines including dozens of photos displaying your beautiful home from the most perfect angle and you wait.........
But, when that offer comes in there's work to be done, you must dot your 'i's' and cross your 't's' it's game time!!
Allow me to share with you these following tips regarding Buyer Qualifications courtesy of REALTOR® Magazine:
Is Your Buyer Qualified?
Unless the buyer who makes an offer on your home has the resources to qualify for a mortgage, you may not really have a sale. If possible, try to determine a buyer's financial status before signing the contract. Ask the following:
1.Has the buyer been prequalified or preapproved (even better) for a mortgage? Such buyers will be in a much better position to obtain a mortgage promptly.
2.Does the buyer have enough money to make a downpayment and cover closing costs? Ideally, a buyer should have 20 percent of the home's price as a downpayment and between 2 and 7 percent of the price to cover closing costs.
3. Is the buyer's income sufficient to afford your home? Ideally, buyers should spend no more than 28 percent of total income to cover PITI (principal, interest, taxes, and insurance).
4. Does your buyer have good credit? Ask if he or she has reviewed and corrected a credit report.
5. Does the buyer have too much debt? If a buyer owes a great deal on car payments, credit cards, etc., he or she may not qualify for a mortgage.
This has been Reprinted from REALTOR® magazine (REALTOR.org/realtormag http://www.realtor.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2008. All rights reserved.
Please don't get yourself caught up in a contract with an unqualified buyer, be sure to ask the important questions and recieve pre-approval in writing from the buyer's lender.
The last thing you want to do is remove your home from the market for 30+ days to find out the buyer wasn't qualified and you've missed out on potential qualified buyers shopping in your subdivision!!
Any Questions? I'm here to assist!
Be sure to check back for more tips to help you go it alone!
Tried FSBO and decided it's not for you? Contact me and I'll share with you my Selling Action Plan and journey with you to the closing table!
David Stewart Jr